There are a variety of motor insurance policies, but the basic understanding of a motor insurance is a policy that covers vehicles both commercial and personal use. While purchasing a vehicle in India it is mandatory that you also purchase motor insurance along with it.
Motor Insurance Coverage
- Damages due to natural calamities such as natural disasters
- Damages due to man-made calamities such as theft.
- Third Party Liability which covers you from damages arising to third parties suffering losses during an accident
In most scenarios auto-insurance does not cover the regular break down of the vehicle, depreciation costs, or wear and tear of the vehicle.
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Financial Coverage of Auto-Insurance
The amount for which you receive cover by your auto-insurance depends entirely on the listed selling price or your car or bike and any additional amount spent on accessories. After deducting the annual depreciation, the insurers come to a figure known as the Insured’s Declared Value or IDV.
How To Make A Auto-Insurance Claim
If you have been in any accident or mishap while travelling in your vehicle it is imperative, you get in touch with your insurance company immediately. You’ll also need to file a police complaint and register a FIR when you receive the reference number from your insurance company.
If possible, note down the license plate number of the car and contact details of as many witnesses as you can who witnessed the accident.
Applying For A Motor Insurance
Thanks for technology the process of applying for auto-insurance has been simplified. There are several companies that enable you to complete the entire process online without any hassles (this process might be limited to personal vehicles). If your current insurance is valid for a few more months you even have the option to renew the insurance without an inspection.
While a little more tedious you still have the option to apply for the auto-insurance using physical copies of all the necessary documents as well as taking the bike to the insurer for a check.